Ascott expands further in China with two Somersets

The two new serviced residences, Somerset Gaoxin, Xi'an and Somerset Grandview, Shenzhen, are scheduled to open in 2012 and 2013, respectively.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), announced on Wednesday that it has secured contracts to manage two more serviced residence properties in Xi’an and Shenzhen. This follows Ascott’s recent expansion into Chengdu with the opening of Somerset Riverview, Chengdu in April.

The latest additions – Somerset Gaoxin, Xi’an and Somerset Grandview, Shenzhen - are scheduled to open in 2012 and 2013, respectively, a CapitaLand report said.

Mr Lee Chee Koon, Ascott’s Managing Director for North Asia, said, “China is an important market for Ascott. Besides growing in cities such as Beijing and Shanghai, we have been expanding rapidly in other cities like Xi’an and Shenzhen where there is high demand for serviced residences.”

The two latest properties are expected to reinforce Ascott’s leadership position as the largest international serviced residence owner-operator in China.

CapitaLand's new acquisition will increase its China portfolio to more than 5,500 apartment units in 29 properties across 13 cities.